Pfizer – the world’s largest pharmaceutical company – has given the green light to almost a $4 million dollar bonus for chief executive, Hank McKinnell, in 2005, which will come on top of a $2.3 million basic salary. In 2004, Dr McKinnell received the same base salary, but his bonus came in at $4.6 million, the US behemoth revealed in a US Securities and Exchange Commission filing earlier this week.
In 2004, the company’s CEO was granted over 125,000 restricted shares – worth some $4.3 million – and also netted a long-term incentive payout for performance over the years 2000 to 2004 in excess of $5.8 million. He received a $2.8 million performance payout for the 1999 to 2003 period.
Pfizer said it would provide additional information about executive compensation in 2004 in the proxy statement for its 2005 annual shareholders’ meeting, which it expects to file towards the end of next week.